The California Dream Fund Grant Program is funded by the State of California and administered by the California Office of the Small Business Advocate (CalOSBA) in conjunction with the California Asian Pacific Chamber of Commerce and the Sacramento Minority Business Development Agency Business Center.
Donor Name: California Asian Pacific Chamber of Commerce
State: California
County: All Counties
Type of Grant: Grant
Deadline (mm/dd/yyyy): 03/25/2022
Size of the Grant: $10,000
Details:
The California Dream Fund Grant Program was created in 2021 by Senate Bill No. 151 to provide microgrants up to $10,000 to seed entrepreneurship and small business creation in underserved small business groups that are facing capital and opportunity gaps.
The Dream Fund is intended to seed entrepreneurship, fill opportunity gaps for underserved small business owners to help them reach greater parity in startups, initial revenue creation, and job creation. The purpose of the funding is to provide financial support and seed entrepreneurship married with technical assistance to aspiring entrepreneurs in underserved business groups, including businesses owned by women, minorities, veterans, individuals without documentation, individuals with limited English proficiency, and business owners located in low-wealth and rural communities.
Priority will be given to minority businesses, underserved, low-wealth, veteran, and women-owned businesses.
Eligible Uses
- A business owner who is a recipient of a grant pursuant to statute to self-certify that grant funds will be used for one or more of the following eligible uses:
- Certify and establish the business with the State of California including all necessary permits and licenses
- Investment in working capital or equipment needs
- Application for, or renewal of, a local permit including, but not limited to, a permit to operate as a sidewalk vendor
- Investment in inventory
- Fees related to business operations and business formation
Eligibility Criteria
- Each participating entrepreneur must complete a defined small business/entrepreneurship curriculum and one-on-one counseling
- Each participating entrepreneur must have established a legal business entity on or after July 1, 2019.
- Have submitted required documentation to start the business in the State of California, or have proof that your business has begun the registration process for a business license/permit in the State of California before completion of your selected cohort training program.
- Each participating entrepreneur must meet the definition of a new business start by fulfilling the following conditions:
- Has acquired the necessary permits and licenses to operate legally AND at least one of the following:
- Has made a first sale
- Has hired at least 1 employee
- Has created a business banking relationship
- Has spent money on business expenses; this may include legal and accounting fees
- Each participating entrepreneur must agree to report on the progress of their business and use of grant funding to the SB TAEP Center where they received their training for at least one year or until the business is no longer operating.
For more information, visit California Dream Fund Grant Program.
